Zurich American Settles In Bid-Rigging Dust-Up

Law360, New York (March 20, 2006, 12:00 AM EST) -- The Zurich American Insurance Company agreed to shell out $171.7 million as part of a settlement deal with Texas and a host of other states, putting an end to charges that it engaged in commercial insurance bid-rigging and price-fixing.

“Businesses shopping for commercial insurance were deceived into believing they were getting the best deals available,” said Attorney General Greg Abbott in a statement.

“The whole anti-competitive scheme was an intentional smoke screen by several insurance players to artificially inflate premiums and pay improper commissions to those...
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